Merck KGaA's $11.3B cash bid for Bio-Techne tests debt capacity after Sigma-Aldrich

Merck KGaA agreed to buy Bio-Techne for $11.3 billion in cash—its largest deal since 2015's Sigma-Aldrich purchase. Paying entirely in cash avoids diluting existing shareholders but immediately raises the company's debt burden. Fixed-income investors will scrutinize how quickly Merck reduces leverage afterward. The deal confirms its balance sheet has recovered enough room to absorb major acquisitions.